SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO., LTD.

Financials Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

Equities

300760

CNE100003G67

Advanced Medical Equipment & Technology

End-of-day quote Shenzhen S.E. Other stock markets 23:00:00 15/07/2024 BST			5-day change	1st Jan Change
271.8 ^CNY	-2.05%		-3.31%	-6.47%

05-20	Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Approves Final Dividend for the Year 2023	CI
04-29	Nomura Adjusts Shenzhen Mindray Bio-Medical Electronics’ Price Target to 422.45 Yuan From 441.50 Yuan, Keeps at Buy	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	221,134	517,884	461,774	382,132	351,450	328,713	-	-
Enterprise Value (EV) ¹	206,861	502,020	446,498	359,043	332,776	305,785	298,262	290,117
P/E ratio	47.2 x	77.8 x	57.8 x	39.8 x	30.4 x	23.6 x	19.8 x	16.6 x
Yield	0.82%	0.59%	0.92%	1.42%	0.52%	2.48%	2.98%	3.52%
Capitalization / Revenue	13.4 x	24.6 x	18.3 x	12.6 x	10.1 x	7.87 x	6.6 x	5.59 x
EV / Revenue	12.5 x	23.9 x	17.7 x	11.8 x	9.53 x	7.32 x	5.99 x	4.93 x
EV / EBITDA	35.8 x	63.3 x	45.7 x	30.4 x	23.8 x	19.1 x	15.6 x	12.9 x
EV / FCF	52.4 x	65.3 x	58.6 x	34.9 x	39.6 x	27 x	19.8 x	16.8 x
FCF Yield	1.91%	1.53%	1.71%	2.87%	2.52%	3.7%	5.06%	5.97%
Price to Book	11.9 x	22.2 x	17.2 x	12 x	10.6 x	7.81 x	6.3 x	5.19 x
Nbr of stocks (in thousands)	1,215,691	1,215,691	1,212,643	1,209,393	1,209,393	1,209,393	-	-
Reference price ²	181.9	426.0	380.8	316.0	290.6	271.8	271.8	271.8
Announcement Date	27/02/20	28/04/21	19/04/22	27/04/23	26/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	16,556	21,026	25,270	30,366	34,932	41,758	49,796	58,834
EBITDA ¹	5,784	7,930	9,766	11,796	13,995	16,035	19,147	22,457
EBIT ¹	5,379	7,455	9,066	10,991	13,070	15,308	18,407	21,823
Operating Margin	32.49%	35.46%	35.88%	36.19%	37.42%	36.66%	36.96%	37.09%
Earnings before Tax (EBT) ¹	5,368	7,438	9,017	10,954	13,011	15,758	18,882	22,451
Net income ¹	4,681	6,658	8,002	9,607	11,582	13,949	16,681	19,838
Net margin	28.27%	31.66%	31.66%	31.64%	33.16%	33.41%	33.5%	33.72%
EPS ²	3.850	5.476	6.587	7.937	9.558	11.49	13.74	16.35
Free Cash Flow ¹	3,949	7,690	7,618	10,299	8,395	11,329	15,079	17,314
FCF margin	23.85%	36.58%	30.15%	33.92%	24.03%	27.13%	30.28%	29.43%
FCF Conversion (EBITDA)	68.27%	96.97%	78%	87.31%	59.99%	70.65%	78.75%	77.1%
FCF Conversion (Net income)	84.37%	115.51%	95.21%	107.2%	72.48%	81.21%	90.4%	87.28%
Dividend per Share ²	1.500	2.500	3.500	4.500	1.500	6.737	8.093	9.580
Announcement Date	27/02/20	28/04/21	19/04/22	27/04/23	26/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	5,878	6,943	8,412	15,356	7,940	7,070	15,010	8,364	10,111	18,476	8,828	7,628	16,456	9,373	11,130	10,813	10,126	11,154	13,133
EBITDA	1,330	2,560	3,502	-	3,213	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	1,471	2,402	3,604	6,005	3,214	1,771	-	2,900	4,430	-	3,871	1,869	-	3,572	4,046	4,213	3,417	3,814	-
Operating Margin	25.02%	34.59%	42.84%	39.11%	40.48%	25.06%	-	34.67%	43.81%	-	43.85%	24.5%	-	38.11%	36.35%	38.96%	33.75%	34.19%	-
Earnings before Tax (EBT) ¹	1,434	2,406	3,603	6,008	3,220	1,725	4,945	-	4,422	7,310	3,877	1,824	5,701	-	3,928	4,186	4,033	-	-
Net income ¹	1,339	2,105	3,183	5,288	2,815	1,505	4,320	-	3,871	6,442	3,392	1,748	5,140	-	3,499	3,724	3,588	-	-
Net margin	22.77%	30.32%	37.83%	34.43%	35.45%	21.29%	28.78%	-	38.28%	34.87%	38.43%	22.91%	31.24%	-	31.44%	34.44%	35.43%	-	-
EPS ²	1.105	1.738	2.631	-	2.330	1.240	-	2.125	3.191	-	2.803	1.440	-	2.609	3.269	3.344	2.320	2.895	4.450
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	1.500	-	-	-	-	-	-	-
Announcement Date	19/04/22	19/04/22	19/08/22	19/08/22	27/10/22	27/04/23	27/04/23	27/04/23	29/08/23	29/08/23	27/10/23	26/04/24	26/04/24	26/04/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	14,273	15,865	15,276	23,088	18,673	22,928	30,450	38,596
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	3,949	7,690	7,618	10,299	8,395	11,329	15,079	17,314
ROE (net income / shareholders' equity)	27.9%	32.3%	31.9%	33.4%	33.6%	35.7%	34.9%	34.3%
ROA (Net income/ Total Assets)	19.8%	22.6%	22.4%	22.6%	24.5%	25.3%	25.9%	26.3%
Assets ¹	23,625	29,470	35,705	42,424	47,343	55,041	64,410	75,447
Book Value Per Share ²	15.30	19.10	22.20	26.40	27.30	34.80	43.20	52.30
Cash Flow per Share ²	3.880	7.300	7.400	10.00	9.120	11.80	14.40	16.60
Capex ¹	773	1,180	1,381	1,842	2,667	1,992	1,947	2,034
Capex / Sales	4.67%	5.61%	5.46%	6.07%	7.63%	4.77%	3.91%	3.46%
Announcement Date	27/02/20	28/04/21	19/04/22	27/04/23	26/04/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

271.8 CNY

Average target price

391.1 CNY

Spread / Average Target

+43.88%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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AGILENT TECHNOLOGIES, INC.	-2.14%	39.7B
GE HEALTHCARE TECHNOLOGIES INC.	+6.88%	37.72B
RESMED, INC.	+20.22%	30.38B

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